Silver looks fairly near a top

we getting close to what would be a good top, one that I would try trade

now need a few shorts to pile on

then need silver to bust through $50, causing short covering, and a whole bunch of new longs to pile in

then need silver to stall out at $55 to $60

that's where I would like to short.....
 
Quote from OTCkrak:

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That move was essentially erased just now.
 
If SI goes negative, that would be one ugly candlestick.

If long, I'd notice that much of the pressure the last few days was a result of options expiration coming up tomorrow. I'd also keep one eye on the Fed meeting. It could shift money flow.

Spoke too soon...SI just went negative, but it's a long way till the close.
 
Quote from jasonjm:

we getting close to what would be a good top, one that I would try trade

now need a few shorts to pile on

then need silver to bust through $50, causing short covering, and a whole bunch of new longs to pile in

then need silver to stall out at $55 to $60

that's where I would like to short.....
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I bet you would..

Wheelbarrows and all...
 
Quote from peilthetraveler:

You guys have some really weird strategys of gauging how the price of something will move. Many of you were saying it was a top at $27 and $30. Let me give you all some advice....there is no top in silver. For every extra dollar that is printed, silver is going a little bit higher. The top is not in just because we hit new highs...you want to know when the top will be in? The day Bernanke turns off the printing press.

(Isnt Blythe also calling a top in silver at $50? LOL)
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P tt;
Well I agree with much of that;
except i would note its mostly all the higher lows;
higher closes,
higher opens,
higher gaps that dont want to close soon-LOL] These may help the uptrend.

But frankly. i thought the countertrend trader in the derivatives dept [elite]made a good call in JAN;
Silver took out the monthly low/JAN[bearish,short term,
mo low on higher volume[bearish],[bearish short term]
slammed thru 50 dma/bearish .[bearish short term]
Long term silver trend is still up/fine;
but gold, SPY maybe better buy. Citicorp looks more bearish[short, med &l ong term] than any of them:D Wisdom is profitable to direct.:cool:
Not a prediction, simply probabilities..................................
 
I have been reading a lot of articles and comments about silver being in a long term bull market and that any dips need to be bought, that it will be just a blip in the long term up trend.

Where were these articles two months ago? Three months ago? When silver was trading between $28-$32? Now that we are trading at $45, silver is suddenly on everyone's radar and is acknowledged as being in a long term bull market. I agree with the original poster, a short term top was hit on Monday, with the associated crazy volume, excitement, and retail participation. That top should hold for several months. In the meantime, I expect us to trade in a range from $38 to $48 for quite a while. The rate of ascent is just unsustainable in silver, but I also don't think we've seen the last of its rise. But it will take a long period of basing before it breaks $50. Perhaps 5-6 months.

I know the fast money crowd expects $50 by Friday but past history says otherwise. Be careful on the long side of silver for the next few days, it looks like the pressure has been released after building for 2 months. It is now time for downside action.
 
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